CryptoBasic Podcast

Your source for all Cryptocurrency information, made for the novice investor. 

It's not a tao it's not decentralized but at the same time some people have to agree that it's okay for them to send the ethereum out that they're sending out so it's a weird hybrid it's not great but sorry can't help and i don't know what that noise was but it was a great way mixin aion hello everybody and welcome to this edition of the crypto basic podcast where you're listening to right now is a part of our one o one syriza collection of standalone episode where we explore projects and concepts from the ground up for today's wanna one we're going to go into one of crypto basics favorite sectors as we delve into the world of gaming through engine coin my name is corinne baroque and i'm here today with my fellow co host brent filled in hey what's up man and on and we have a very special guest with us today he was the one who originally introduced us to this project in the first place he's a well known professional poker player and twitch streamer and friend of the show adam ruthless levy levy how you doing today what's up yeah it is levi were correct it nice that is the earliest mispronunciation of karim's ah yeah i mean he's a he's got one for episode where you're just like come on how did you do that?

Brent:

You know what's funny is i know how to pronounce your last name especially because of your because i play with your brother but when i saw it written down i just said it out loud as i was doing and then i'm like wait a minute that's not how you pronounce his last name it all yeah i don't know how to pronounce your last name so that's good saturday listen we're happy to have you on the show why don't you tell us what got you interested in this project in the first place since you're the one that brought it to brent attention and i don't well i just think that it's i mean gaming is definitely a space that there was a lot of hype last year about like crypto and gaming and east works and this and that and it was like they were buzzwords together and engine seemed like it was one of the most like the best gear to kind of do well in the space and the fact that it had ah huge user base prior to like even becoming a crypto or it was ah pretty big for me you know i think that's pretty important for any and it's been around i think like almost a decade now or something so you've got to respect that those two things when you say that it's been around almost a decade what are you talking about the company that made engine coin or yeah like i think yeah, they had so this has been around for since i think two thousand nine and you know you find out that they have this many users doing and to be honest i'm not really keen on exactly what the whole company did prior but like once it like kind of doesn't matter at this point i just kind of knew that they're already had a solid you know what they're doing now is what it was what matters to me i definitely agree with you as far as the world of gaming i think it's people underestimate because they don't consider it a real use case but those of us who are in the world i mean we see how much money things like world of warcraft produce heart stone clash royal clash of titans i mean there's just there's so much money in gaming and the projects that are able to capitalize on that market are going to do pretty well here's what i'll tell you about adam's instincts and why he gets interested in projects he has come up with some of the best ideas over the last like ten to fifteen years of life i'm going to give you a couple of examples one he walked up to our friend ben with a brochure for a cold stone franchise and he's like hey man this is literal twenty years ago he's like hey man, this is really cool i like this place they want like one hundred thousand to open up a cold stone you should do this and he kind of blew him off because he couldn't tell him anything else other than like no it's just cool like i like this place and i don't like five years later it cost two million dollars open on cold stone or something like that so we're talking really early on he brought that one to his attention another random adam idea we all sat down in a restaurant one day and he's like all right guys and again this is like fifteen years ago we need to make a bar that's focused on gaming we need tohave like places where you can sit and play video games but you could get bottle service you could also have like you know all the old school arcade games in there and it would be real like oh arcades that started papa and now they're ever everywhere everyone not like every bar cade has failed because they just like jumped shark and they're like ill we'll just do the old games when you could just do both yeah well like i think like they don't want to do this in like a playstation or something yeah i'm like i'm angsty when i see a bar cade i'm like you're you're not doing it right are so man yeah so needless to say i have learned toe listen when adam because i know where he's like hey you should invest in this project so that's how that is how engine started on that sorry silicon i'm really interested then to hear about this project now one of the first things that we like to talk about before we even get into the coin is what our personal position is regarding the coin just so the audience knows where we stand on a personal basis so i'm going to start with you bryant do you own any engine coin and did you have any particular bias going into the research here?

Adam Levy:

Yes, i still own most of the coins that i purchased that i seo so i own engine and i had a extremely positive bias before completing my research phase on this coin i will say that i am going to harp on them for being centralized over the course of the episode as we've said before especially if you do a nice seo i feel like you have a responsibility to decentralization however as you'll see over the courses episode the particular niche that they're targeting it makes sense why they are the way they are right now and adam do you own any engine coin?

Brent:

Yeah similarly i was part of the eye seo and i guess my positive bias is probably pretty positive one of my favorite coins and it feels almost chile to the point like that i like it but like they just keep having solid partnerships and i think they were late on the wallet but like they're very few companies that have a crypto like wood projects ceos whatever that have actually follow the road map i'd say and it's just like that's just kind of business understood our i don't know how late they could've been on that wallet because the diode well whatever i'll get were about talk about the history but we're going to get into it we're going to get into it but at least we know both of you guys own engine both of you went into the project liking and you enjoy the project i don't have any engine pointing to know anything about it however my role for this episode is just going to be to ask questions so my bias is a relevant let's get into the company's vision what is engine kucoin trying to do what are they trying to accomplish?

Adam Levy:

Hit me with the overarching theme of what they're trying to accomplish is a currency for gaming a unified currency for all gaming to niche that down quite a bit the way they're going to accomplish that is virtual goods on a blockchain with an incredibly usable gaming currency that khun unite all games from different developers basically in a nutshell wow that sounds pretty ambitious it sounds like you guys can correct me if i'm wrong but so this is going to be heavily dependent on cooperation from the gaming industry right?

Brent:

Because the company themselves aren't really producing the games they just want to be on attachment or an add on to existing gaming platforms correct they're trying to integrate with existing games some of the games already out partnerships with them for instance minecraft but there is an incentive to join the engine network which will get teo i agree i concur with brett alright fantastic so let's get into the history than off engine coin i'm a little excited to see here this history section he looks a little longer than we are used to so let's get into it it's a little longer than you're used to is the host we do know if there's a history section you're going to make it long oh yeah that's why i say i'm excited because this is a brent research project with the history section that's more than a single sentence well i can't take credit for this whole history section what i'm going to do is i'm going to handle the boring stuff and i'll go over to our height man for the rest of it so engine abre engine was launched in two thousand nine and there as a company they were launched then so they had eighteen point seven million users before they even icy owed their product active users i mean people that are using this engine platforms the host websites toe have stores so were they gaming company that i'm talking here pre i seo print are they ah gaming company or just a internet company?

Karim:

Well are all these users just like you mentioned hosting so i guess that kind of answers it yeah they were a gaming company where they don't have any of their own games they're a company focused on gaming where they already had an engine ecosystem rolling with these games so they had a lot of the functionality that we're going to be talking about they had but not on blockchain so not with the radical transparency that they're going to be going to so they had ideas and integrations for some games had a list but the biggest one is minecraft so they're the engine coin was started by maksim block off and we tech radomsky and they have tough to say names and they were part of the engine team originally now they're also the founders of the engine coin quick side note brian sorry to interrupt you i was shocked when i found out that minecraft is the second best selling game of all time oh yeah, its methods yeah, that doesn't surprise me.

Brent:

I'm surprised that the first what's the first temptress it's okay, that makes sense.

Adam Levy:

Okay, yeah, i would have probably would have lost a bet on that.

Karim:

Just our interrupt real quick i think that you pronounce the name wrong because i would be willing to bet it's vitek because the w's probably avi i'm just trying to be the you know michael laki here.

Adam Levy:

If you've got a weight that beginning and it's like german or something then for sure before or polish err right yes in european yeah wow you know what brent thank you some breaking news friend doesn't know how to pronounce a fucking foreign name that they're already proving your worth i love it all right continue and please make an effort to properly pronounce it's okay for me to pronounce basic boards but you may not mispronounce name's theo october two thousand seventeen so adam said they were a little late on their wallet their wallet was released in january two thousand eighteen the ios wallet didn't come until march so maybe they were supposed to release them both at the same time but i will tell you that i went ahead and downloaded the wallet and used it and it is really really user friendly really friendly just esso on their road map it does say that they wanted it quarter four of two thousand seventeen like a legitimately says that mobile smart walled quarter for so it didn't come out quarter forward come out like the first month of like quarter one s oh yeah no i mean but it was like you know then i think there was a lot of hype because like we were working ever was mooning at the time you know push so over adam you're a you're an apple user right so you probably were unable to get your wallet until mark yeah, there was all this hype and then like i didn't even know that i wasn't i just soon will be both be on apple but it's like motive you know magic online word actually it's better than moto because medical eye doesn't have ah clients the apple clients still either sorry side right side ran on the blockchain puts aside jane here is part of why we hate the random road maps with really specific deadlines because well we do it to we fall for this we harp on people for not making their deadlines when they're behind on their road map when they should just say this is what we're implementing and this is the order that we're implementing it in and here's where you can track our progress because correct they released literally two weeks behind schedule or something like they said it's going to be a quarter for it came in the first couple weeks of quarter one oh look at this arbitrary thing that we did decide that january is different from december like i don't know so that is it's a gripe it sucks that we do the same thing and i think that going forward especially i ceos they should be more about what's happening first rather than went so i do think that we have this like that we as in the community and just like you know i'm none were just like please you know we're just plebs they're just they're like we're gonna just invest in this coin or whatever i don't i don't i don't want to go through like whatever it is like the proper channels or something so when we do that we have these higher expectations then you know we expecting like a certain way and if it goes wrong we get pissed and it's kind of absurd that we everyone just thinks it's a certain way it still company that has like if you've ever tried to run like any simple business and maybe even this you know crypto basic podcast you're going to run into some snags that you didn't even think were possible and then those bags were caused more snacks so it's just like a part of the game of business and i think we all have incredibly high expectations so the fact that that's really the only thing they've kind of been wrong about are not wrong but they've just quarter for january whatever yeah it's like all right that's fine and the other thing to add on ten adam is not like on top of the fact that we get as a community these may be unnecessary expectations then there's also going to be undue pressure on the development team which can cost them to miss something because they want to rush to meet that deadline right?

Brent:

So like if they're really trying to get it out by that quarter you know we got to get it in by december thirty first as opposed to january fifteenth because that technically puts us in the right quarter maybe they won't be a star oh maybe they don't have as much time to make sure everything is plugged up because they're just rushing so it's not good for the community and it's not really that good for the development team either so that's why more projects are moving towards that progress bar as opposed to arbitrary deadline yeah that is what they said they were very like we want to make sure that this wallet is i mean it legitimately it's like being in the quotas the most secure cryptocurrency while in the world is what they stated and they wanted to make sure that it was that and that seems like an insanely high bar wait just want our wallet to be the best in the world the best of the best ever so i can't speak to the security but it is really user friendly i mean it is super easy to use is this the seed words this setup was very seamless they've got bitcoin light coin and bunch of b r c twenty tokens on there so very easy wallet i haven't sent anything on it yet time out i want to go a little bit in today you're telling me that their wallet doesn't just host our native token but that it actually how's multiple coins that tons of coins there's like two hundred that's really impressive actually yeah and it's a mobile wallet was so it's competing with jax or can't bread you know it's competing with them and i don't like i said i don't know the security they have made the statement it's the most secure crypto currency while in the world probably superfluous might be ableto you know from find holes in that statement but who knows so they go round up my portion of their history here they're one of the main things they're doing in there i seo is offering a bounty program for any of the early adopters so if you join the engine platform early on you are going to get a decent amount of engine given to you as an incentive to make their steak a work for you and they're minecraft plug in is like imminent it's going to be here and it might even be here before we release the episode but real quick you very quickly said as decay and by that you mean a software development kid right yes sorry to you and i still like i think i was listening to something one of your episodes yesterday and i think mike was like i don't know what an estate case and i was like me to wait sorry yeah we always try to remember to keep it basic these guys like to make fun of me for using everything's i do this i think i used terms like say fbk so that you'll ask me what it isthe i think that i always think that you just take it for granted that everybody knows so i just want to remind like that toma tom attar for the rotten tomatoes yes like oh yeah like creed got ninety four percent on the tom tom i can't even say it to me thomas what the hell is that it to mate ometer yeah what if you don't know what the teammate ometer is i would have no clue what that is god you're such you know you're so not not cool that i'm definitely a pled it got to the point where when i would use one of those adam and store even would say like hold on we have to stop and ask friend will be just what he means by that because he used the word give us the ask him on purpose you know what it's like it's like in a poker tournament where you had a great level and like you just like immediately like hey how many chips you got i mean shift to go oh you know i got average you like and where you're gonna ask me anything you know how much shit i'm simply you just like you really just want to like rope them in tow my absolute favorite poker question is when somebody walks by now i can't what happened in your stack all i ate it what do you think happened my stag bro i got stacked all right but let's continue on the history of this coin you guys want anything else we want to add on here you know what i think for the rest of the history and we're gonna be talking about a lot of partnerships lot of hype so let's go to adam let's go to that man on the way grampa teacher calloway the best okay so i'd say right off the bat my favorite one is they partnered with energy and that if you don't know what that is that is a california ea sports organization and it literally is spelled and rg like ah those who just like you know i don't know i don't think it's actually an abbreviation that you know plan words for energy i guess like nervous you know yeah there's a new gene nice okay energy yeah like uh okay but so they are i think san francisco based they have some big time investors including shaquille o'neal and i think the sacramento kings owner if i remember correctly but they are kind of everywhere within any sports i know they have a rocket league team they have plenty other big squads in big games i think they also have a overwatch league team which was like twenty million franchise fee or something in order to even get into it like robert kraft is in overwatch lee by the way we like really a lot of big players yeah he owns the boston won i think jeffrey laurie my own to one's if no maybe not maybe not jeffrey or i don't know if regardless robert kraft definitely is so yeah that is so their basic gonna make an rg branded tokens to distribute to their fans is engagement roared stored through engine wallets so that kal abbas is pretty huge to just kind of like get it in the hands of just like energy fans and i think that that can be you know, if this goes successfully with energy there's gonna be a lot more teams e sports orders that might want to do something like that and without jumping ahead too much adam my understanding is that a lot of the utility around engine focuses on like gaming skins and things like that which seem ideal for like branding and advertising all that stuff for ea sports so this seems like a pretty key partnership yeah it's kind of like a just a slam dunk for them the partner with any sports or open and yeah i guess it's a it's a deep un with shaquille o'neal but that's one partnership then there's another partnership with unity which is the side that we're like unity it's like i guess it's ah dad flat form development platform i guess it's the world's largest real time development platform and i personally had don't know exactly what that means because i'm not a deaf but i do.

Adam Levy:

I have seen unity plenty and know that i think magic online is actually or arena is being ran through unity if i remember correctly and there's a lot of i just see enough to know that it is definitely a big company within the gaming space and what they're gonna do is they're goingto ask advanced true item ownership in gaming and allow developers direct access to engines as decay in their in their games so if you could help me the tech guy brandt help me exactly like maybe make it a little more basic for me what that means with nasty case i guess that means they can build games with an engine yeah eso es decays software developer kit and basically they're going to release everything they need for a developer of anything to connect to their software so if you want tohave engine inside your game as say, a currency you would need to program it in there and they're doing most of the work for you they're doing whatever they can do on their end without knowing your code and your games so if you're using the unity platform to attach engine to a game than you would need the software development kit to make that happen to get most of the work out of the way still quite a bit of work to do pass that point but it's how they're goingto pair with each other it's kind of like an fbi but more kind of what it feels like but i still don't know what a p i is either even though it's like yeah it's just a thing you like attached oh you know computer different software's integrate with each other if you it's the communicating knows it's how different platforms communicate with each other really when you hear integration like for instance trela boards if we're on trail aboards and we integrate google drive that's just an fbi connection right there or if you're on credit karma and you have any of your bank accounts linked in there or investment account that's communicating to your bank account through an fbi same thing got it so one that was kind of a couple that are new war of crypto is an engine power game which is like i think one of the first games that are using engine there's only a small teaser on youtube it's like thirty seconds and like the graphic seems kind of cool i ignored the really what it's about but that was just like a new thing that came out that should be coming on next few weeks it was also the only cryptocurrency to exhibit to be at the two thousand eighteen game developers conference so which is pretty impressive because i know that game developers conference is one of the g d c it won't yet again it's like unity like i don't really know exactly what goes on but there's enough hype that i at least like kind of permeates through just the east sports industry and like it's i know i've heard of gdc like i feel like this is where all of you know i'm sure this is where like fortnight went when they were trying to figure out what their route was to make connections or get make deals or show off their game and i'm sure that a lot of these engine being there and also it is pretty huge and i think they actually were in the gdc in beijing thatjust happened last week which you know there wasn't much about that but i think that that is cool and the ceo was last year guys yeah so that's actually that's that's pretty impressive and it probably shows what you were saying before adam that even before they launched this cryptocurrency they already had connections in the gaming world because it's hard to believe that they got in so many partnerships and so many conferences in the gaming world so quickly this must have been their ability to leverage their existing connections i am going to go ahead and go back over some of the games that are in unity because we just talked about they were a big developer i won't go too much into this but you've heard of mike magic there's some might magic games in there there's angry birds you may have heard of that pokemon go he may have heard of that before a little bit okay.

Brent:

Those are big names.

Karim:

Yeah there's um there's a definite big games involved in here one you might like there is a game called went ah they made the witches hard game into its own ah kind of rapper or program or whatever so yeah i mean there's tons of games there's hundreds of games i was just peek picking out the ones on the list that caught my eye and i think the last thing that i was actually not on the island that i saw just this morning is that they're going to be at e three they're going to be eighty three what well yeah i'm good i don't really know yeah so they're doing the like you know the conference the gaming conference world tour kind apparently and like those are two of the biggest ones you could be at two thousand eighteen i mean yeah he three is the biggest game in conference in the world period that's my understanding so i like fanboy heart just have always want to go to the three i got to go ways or something it was awesome you got to do is press i think i like you know it was impressed i thought you had a press pass number well whatever you have to either be a developer of business or press and i was able to get in his business that's awesome yeah it was it was pretty cool it was definitely enjoyable.

Adam Levy:

I want to go back alright, but look that gets general overview let's get a little bit more to the specifics of this project i want to move on first to the general overview that we're going to get through the rapid fire section theo all right our rapid fire this section is where we ask brent a siri's of overview questions about the project he said yes or no questions brandt i'm going to start with number one what do you think about that seems like a good place to start yeah is this eight coin token or platform it's a token on the theory of blockchain but they kind of have the ability to make like sub tokens or whatever so you khun pseudo platform but we're goingto token you are going to have to explain that and further depth we could do it in the features and structure but i have not heard of in years twenty token that can do some tokens so rapid fire rapid fire farinelli hurry up we got a new sheriff in town all right it's a decentralized no no it is not the centralized other than the payment part is it easy to move around sure is because the nearest twenty yeah and their wallets also do they plan on having a main that ever brent now so it will always be any r c twenty talking yeah is it a mine herbal or stay kable known neither.

Karim:

Okay and does it sound cool?

Adam Levy:

Yeah, i think engine sounds cool i think they're doing a really good job of the marketing i like the way they use the j so if you google them you're not going to get like fire trucks or cars you're going to get then so i think i don't get everybody chimes in on this last question is this uncle yeah i think the name is a little weird but i think that for the sdo point that makes a lot of sense also the fact that whatever it was prior name recognition is huge and i also just like blue and purple together and bright colors like i'm a sucker for i mean that's pretty much like blue purple black is one of my favorite colors we have similar taste sir what is the ticker for engine coin is it in yeong nj all right all right so i think that gives us a pretty general over the i agree by the way i think engine is a cool name i'm down with it and i like the use of the j makes me think about genies so let's get into the features and structure brent how does this actually work and before you even get started i want to hear about your c twenty tokens that can issue some tokens what is this about well that's just the df that's on top of it so the understood the tokens are created in the dea everything with engine is going to be handled on theory um it's not leaving the ethereum platform even in their white paper talk about how a lot of things they're saying it might not seem like they're going to be possible because of ethereum but they've already looked at both the casper and raiding networks and believe that once those air implemented they can change things to make it so that it will work the way they're saying it's going to work so everything is handled in smart contracts on the ethereum platform based on the d app that the engine company created one of my grapes now with the company is that they are not open source they have some stuff in there get hub but for the most part the way they're going to do everything they're saying they're going to do is not yet open source so i would like to see that change there's trade offs in all of this the centralization is the primary trade off here for engine this is very much payments on ly crypto you need to consider the engine an actual company so that being said now i'm going to kind of tell you how they're going to do what they're going to do, so they're going to release these developer sd case, which we talked about earlier are the developer kids and they are also going to have a p i so there's going to be a lot of different ways to connect to the engine d epps and to accomplish what i'm going to say they're doing so now we're going to take you to the crazy vision part of engine this is the part that i love this part that got me excited once they connect to multiple games together they're going to allow you to create digital assets that one have true scarcity so you can create five hundred of this digital asset you khun mint this digital asset and say ok there's five hundred of this sweater that's going to be released and the sweater than can be put on the any game that has the engine platform built into it so if i have a sweater in world of warcraft that has a nike symbol on it i can now move that sweater over to diablo i don't know pick into blizzard games that is also programmed into that game to show a certain way so i can put that shirt on in diablo or that sweater on a diablo and look like i have a nike symbol on me there so ah company can create true scarcity on item that could be traded in between games so let's say now that i am sick of this nike sweater i don't want it anymore i can go sell it to somebody or if i can't find anybody to sell it for instance my investment has gone down i can't find anybody will actually buy this because nobody gives a shit about nike and games i can now destroy it two things happen when i destroy it i can destroy it and get the engine coins that they had to build into it to create it and it also frees up one of them to be created again so there's still five hundred and circulation but if i destroyed it goes back to the original minter who can now distribute that item again so that can be used with tokens entries to tournaments it can be used with a lot of different things that's one of the big things too they want this to be completely non fungible they want you to know who owned these before you because it's on the ethereal blockchain and it's in their engine wallet there's usernames required so you can know that double lift has owned this skin for your character that you now own and it can increase in value because your same thing getting a jersey off somebody in a basketball game that's not something that ea sports players have had mean there's times when they go into a live arena and they have jerseys or whatever but now they can literally play in say the league of legends finals if engine interacts with league of legends and give out the skin that they wore the one of one skin that was worn by but like i said double lifter whoever or they just chose to wear random one of five hundred of this other thing which makes the price of all those go up and also the one that they wore is special and can be tracked so you know so to kind of pay back on that i didn't like so it's funny how kind of my brain works because i have never realized anything how would work with energy until now you're mentioning it so basically what they could bases do is a fan winds and rg and then he goes into another game and he's got the energy that like token that he won by just view like participate watching an energy stream or whatever it is and he can play that on the legends with his like energy whatever it is for or diablo and he can have like the skin with just energy so it's more like kind of furthering that brand along one of things that i want to clarify brand because i feel like that was a very interesting concept is obviously the prices were going to fluctuate you can't do anything about that but you're saying that when you buy an item let's say that you're buying i don't know some shoes that were made by some company that goes on a character whatever it is a sword because you can dismantle it at any time for the amount of engine coin that it took to make it's almost like a guaranteed underlying assets that even if the demand for this particular sword disappears you was a user are guaranteed at least a minimum return which is just a value of the engine coins themselves which then you can either sell or trade or convert into something else right?

Karim:

Wow they'll have to be built into it so those are a couple of the now that's like really far in the future thing when engine is really integrated with a lot of things and you can just move your item around to a bunch of different games so what about mme or in the near future?

Adam Levy:

What about the around now what can we do actually before even get into that i used the word fungible and i feel like i should have explained that when we talk about monero or we talk about zen caches private functions we talk about the fact that it needs to be completely fungible which means that coin one needs to be equal to coin to no matter what that if coin one who was part of a hack it still needs to be worth the same as coin too that was owned by shack so the privacy is intentionally making things completely fungible whether this is the opposite, they want that if you are a scammer and one of the games and you go around and start doing something bad in the game and you owned an item, you're making the value of your items worse by creating a bad reputation for yourself so and then that item will be tainted in the future, so they're intentionally leaving that part in so just teo i guess an art piece would be something fungible correct like a picasso painting is a fungible nonrefundable fight now you know it would be that i'm sorry that's that's star yeah that's what i met yeah no twenty yeah as in it's just like it cost money and then maybe it doesn't it didn't cost money when he was alive and er not picasso but thank go are with them and it just goes up and down so that that's helpful for me and i think the really interesting part here with being able to track the entire history is that you khun definitely see these things becoming more valuable as time goes on because you know look if you're not a gamer than it might be difficult for you to conceptualize like why would anybody care who owned something but if you put it within the world of sports like branded like let's say this particular shirt are these particular shoes all well these were worn by lebron james in game seven of the finals well you can get a shirt or sword that was used in a major competition by maybe the person who's the best player at that game who can then sell that that's how they are monetizing their own success in the game and then the history of that item actually follows that item throughout so that ten maybe five years later eight years later you could still be like i'll do that's the sword that was used by this person and this person so it really creates communities of value like in the sense of collectibles like brian said so it is really interesting i have a question for you guys i don't know if you're gonna be able to answer this and i think the answer might be no but is there any indication that this could evolve to the point where the attributes of the items are at play or is this always going to be strictly cosmetic?

Karim:

Are we just talking about like skins it's hard to see that would have to be up to the developers there could be a group of people that for instance, decide to make games under a certain umbrella.

Brent:

So for instance let's say wizards of the coast adopts this and now all wizards of the coast games if you have ah sword in those games they will have unique properties among their hundred games, so these one thousand rare swords will have ex properties among their games that could be done but there's no way to do it in between games with different developers because they want their games to be balanced so it would need to be a unique endeavor taken by an entire company or an entire umbrella or an organization which they might not want to use engine for something like that they might be like, oh, this is a good idea, but we're just going to do it ourselves so that isn't a part of their white paper but it could happen so i feel like maybe a lance your question maybe i won't but it would be somewhat similar so i know that there's something kucoin called game flip f l p i think is thie revision and it's like basically a marketplace for non fungible virtual goods or which i think is also like a new token that's like a new form like your c seven forty i don't even know it's like a like five sixty one or something silly like that that is for because i know that also mana to central and is kind of similar right like that's virtual goods be our artillery like burton and essential and i would consider it a competitors faras cause kind of gaming but i think the central and intends to integrate with engine okay oh yeah i think you're right well i'll definitely say that even if it's just cosmetic which we don't know if that will always be the limit but even if it's just cosmetic i can definitely definitely see value in this because i mean look think about it this way if the development team that made god of war wanted to essentially create the acts that craters uses it and have a special thing where they're only going to make like ten of these and they're going to be distributed and then they create a design for ten different games do those things can really rack up in value if there's a guarantee there will only be ten of these coins that you can play with outside of the god of war universe if that makes sense so i could totally see that going up about i think right now most things they can't really do make five hundred of them they could do like the percentage chance of getting this item is very very low like when you open a chest or whatever the case yeah i was just what i remembered was it was like kind of reminded me a fortnight where it's like you and then like maybe not the actual guns or something you find in a specific game but definitely like a rare skin but i guess that's kind of what you were mentioning anyways that like you're asking beyond skin right right like the attributes are more complicated right because you can't just say oh this sword constantly regenerates yes because in some balance that's going to be doesn't diablo is like that right but it's got to be within the right ones right?

Adam Levy:

Yeah i don't think it could be for everyone like you know if you want to keep something competitive or you also don't want to create an environment like where what is it even line or something or some dude just will it has like the ships were worth thousands of dollars and then all of a sudden it you could either get hacked or someone that could be like a sabot like a coup and then people like some out take your ship i don't know exactly how it works, but i feel like you don't really want to create items that are just like two rare that all sudden randomly have immense value i do remember a story now this could be an urban myth but i do remember a story about a game where somebody's got an item from somebody else and like the guy flipped and actually tracked them down to where he lived and like went to the person's house so like i know that there's digital goods that are digital gaming goods that are heavily sought after all right?

Brent:

So what else can you tell us about destruction so there's some more stuff going on here so mohr immediately what they're trying to do let's say i'm playing magic online and i have the in game digital currency there which is called ticket and magical line has decided to integrate with the engine platform in some way, but i also want to get i think its gold in world of warcraft so i want to get some world of warcraft gold, but i can't do that without, you know, sending my tickets to somebody and then them sending me the gold there's no way to guarantee that so if they're both connected to engine even though it has been programmed in yet i can now trade my item on one as long as it's programmed in on the block chain to the other one it goes into an escrow account so it'll escrow those funds on block chain so you can see it on at the trust the escrow company it'll be on the smart contract held until the person who sent first agrees to release it from the smart contract so they have an escort service built in they also want you to be ableto open your own virtual store on a website so let's say i've got all these items and i want to sell him but i don't have the time to just communicate with everybody like a got sword three for sale i can create a website on the engine platform connected to the games that i have the items that i want to sell in put him right on my website so then i can share the link on facebook i can share the link on discord hey here's my web store check out the items i have for sale well you go on there you can do it so they've got that they want to do these lists where maybe it's the top diablo player list where you can set the list up for different ways of voting you can set it up for democratic voting you can set it up for utah critic voting plutocratic craddick where it's based on the amount of money you have so democratic voting will be one person one vote and plutocratic would be based on the amount of money so let's say you have a thousand engine coin to get a thousand votes one engine going one but that kind of thing instead of just being attached to the individual brent real quick before you move on i just want to add that that could also be considered steak based voting just because plutocratic seems tohave negative connotation to it you could also say that your vote is proportional to your stake in the network i was not aware of a negative connotation but if karim says it he's knowledgeable in all things crack so he's not lying so you could create a list of best best twitch streamers best diablo players best magic players either nominee people or people nominate themselves by paying like an engine going to be nominated or whatever and then you vote with your coins also and then in the end the winners of the list get paid based on the votes so you have to pay to vote but your vote actually goes directly to the winner of the pole or whatever the case may be so they have that set up to be in there and these well wait wait that sounds really cool for the person for the players themselves which i like my question is what would be the incentive like who would be creating the list like why would people be essentially donating money here by voting that's good question i don't know maybe you want to write a blogger and you want to know what people really think of the top whatever and then you create the incentive you're like i'm going to share seventy five percent of the voting revenue with the top ten people or whatever the case is and i guess ah gaming play i mean it could also be advertising right?

Karim:

Like maybe mountain dew wants to have a big thing and then they're also going to give an item to the winner and i don't know yeah oh that's funny you mention mountain dew because not into literally has an in game banner if you look a dota like they'll be playing that's where they get advertising going like mountain dew has a banner inside of dota so all of those things like you know, maybe you had a game or what is a dota sorry it's ah, i forgot this isn't an ea sports podcast that gaming bytecoin so it is actually don't know what it like something of the ancients and it's basically so what it is i think was warcraft three or four or something was warcraft one of them made the world or aircraft where they kind of spun this off i forget what ahmad and it just became like a better game more competitive than actual game that it was modeled from so it's an online multiplayer game and you're saying that mount doom mmorpg or whatever driver and my own dues are heavy advertising there so it was a work of some other mmo yeah so and it's a free to play a game it's kind of like basically legal legends competitors but i will just say that it's actually coming up in august that it's called the international and the prize fool actually just googled twenty minutes ago it is already have reached ten million dollars because they like crowdfund the prize because you like actually if you talk to story then he's a big dota guy and i watched it last year and i was like, wow, i don't know what's going on like you know the specifics but just watching and hearing the commentary from you know, the casters it was really intense oh by the way you just you just described what the year two thousand was like for me watching american football i was like i don't know what's going on but this looks really exciting brought watching what american football had just come to the u s from cologne and i i specifically remember whenever there was a running play that when in between the tackles like being completely lost because i was like why are they running right into the pile like the concept of like trying to find a hole didn't make sense to me, you know?

Brent:

Ah oh, and sorry just okay.

Adam Levy:

So it's defense of the ancients and it is ahmad from warcraft three not low so it's a real time strand and not yeah it's a mobile and there it's published by valves and that's kind of that's probably where you've heard their name before whatever and it's like literally pays out like six million dollars for a first or something at the end for that i want to put this in perspective for our non gaming audience to see why we care so much about a coin that's in the gaming space and we are clearly not as knowledgeable about it as we are about krypto the league of legends grand final had higher viewership than any american football game outside of the super bowl that which is nuts like it be all of it not even the finals not even the nfc final like more as a side note we have discussed in the past on the show how all of the statistics show that millennials in general are watching mba nfl professional sports at a much lower level and this is one of the reasons there's just more competition meet is more fragmented like there's a lot of people that don't care that much about football and they're watching competitive games that they get to participate in or whatever so yeah that's that those numbers air massive i didn't expect that i'm going to wrap this up because there's a lot of features i didn't cover this is not even exhausting there were so many i was pulling out what sounded cool they're going tohave melting coins so you can create an asset that will disappear in say six months they're going to have they'll have scheduled payments so if you want to subscribe to a service with the engine coins you can set up a smart contract too take engine coins monthly pay towards this service like there is a lot of stuff going on here is actually super ambitious but very targeted so it's hard to know how big of a scrutiny microscope we might need to put them on their under it's definitely ah lot what they're doing for sure ambitious is a good is a good way to start so i have a question for the i don't want to make sure i'm wrapping my brain around this project correctly would i be right in saying that the main value proposition for engine basically the coin itself is mostly going to be used and is required to make the product whatever product it is you're making so the more widely used this becomes the more demand there is and i'm assuming we're talking about a limited supply and that's that's where the value is going to go up there's no more engine coins being made i didn't look up the numbers of what percentage were still in the company and what not i can i can do that momentarily while you're talking about the pros and cons, all right so let's move on to the pros and cons why don't we go to our professional height man the one and only ruthless what are the pros of this project just isn't a real quick i did realize recently that i just and the hype man like you'll hear about it and this is like you know i feel like i grew up in like a culture where like with within hip hop or something i just be out there just like like yeah man let that be deejay cowards like right hand man or somebody or whatever just like announce of people i mean you're not even exaggerating because before we started recording this podcast you were hyping up like up and coming rapper is already you're like you know you need to check out this person and this person i did true so yeah yeah i can't help it so it's really user friendly and ah ridiculously usable is what is written down here i don't know if that's a quote or that's just like brent speak that he's laughing and speak at him it really is ridiculous usable with over six hundred coins is what engine says in the wall and that was in january so it's probably more now massive user base like a state of before launch of the coin there centralized but they are doing it to allow users to avoid being skint and is being run like a company and it really does seem like it it's a legitimate company not like some decentralized kind of entity they're going out there to go into all these conferences and making their presence known within the gaming space and the road map is so extensive for a road map i've seen road maps were literally it's just like we did this we have launched then we haven't you know secondary launch and imagine natural and it's been it's just like yeah that's it like this is like like forty things over a year and a half and it's like how are they gonna do um all that done pretty well so thus far so yeah a lot of road maps can be summarized as step one launch i seo step to question mark step three profit road maps in the industry by the way you mentioned this sort of as a pro you mentioned the massive user base so i'll put that hand in hand with the existing company the connections that they had and interestingly on the poet of centralization we recorded the flagship earlier today and one of things we were mentioning is not every project is going to be better off by being centralized decentralized i mean it depends on what each project is trying to accomplish and in this case if you need to be in constant conversations with a bunch of gaming companies, constant conversations with developers i mean, you know, just some things make more sense with some kind of centralized authority that's handling not everything is going to be decentralized like anything to add like you're going to start to hear me say a lot i hope that these companies that need to be centralized away their tokens are working now are willing to entertain the governance is a service model that iowa is developing and just say okay well we've been centralized up until this point we understand the need for decentralization we've accomplished enough in our partnerships and bla bla bla now engine does have a multi signature wallet where they require a couple of signatures to spend any of the money they collected in the it's not a tao it's not decentralized but at the same time some people have to agree that it's okay for them to send the ethereum out that they're sending out so it's a weird hybrid it's not great but i'm sorry i can't help it i don't know what that noise was but it was great of ah really no actually yeah that's a great britain impression so i was actually googling their token allotment so i don't know exactly which pros you and over but they're token allotment is fifty percent development thirty percent marketing five percent security five percent legal five percent tendency and five percent posting and infrastructure they're multi sing wallet is open source and is in the get up well that's good so one of the other big pros here is they're actually solving a very very very narrow and targeted problem these gamers now that i'm gonna blast him for being centralized in the second but they are pulling the power away from the gaming development company's a little bit a gaming development company can add a ton of a currency to a game and there's nothing you could do to stop them gnome or engine coins can be created the engine coins of the engine coins so they can be rest assured that their economy is not going to be messed with as far as how many engine coins there are now maybe the coding is different for how much it cost per engine tio make a sword or whatever the case and mint an item but they're not at the whim of the game developer they're kind of at the whim of engine but not for the economy portion there at the whim of engine for what they could develop what they could implement what they partnerships they could make but not the economy so that is interesting for the gaming community getting that economy decentralized and getting them the ability to think how can i create mohr income for myself as a professional gamer and there's ways to do it here so that's even though it's a lofty goal i think it's targeted enough to be achieved all right and if you guys don't have any more pros i want to get some balance in here what about some of the cons their centralized that is the biggest con they don't have really much of anything in their get hub there one hundred percent controlled by the engine company it's the same kind of argument that we have against something like ripple they can change the code whenever they want now ripple can actually they could change all their code makes him new coins at least they can't meant new engine coins they could do another icy or whatever but they that token is already out there on the theory and platform and can't be changed so i am hoping in the future they move away from centralized decision making i like that their wallet requires multiple signatures to send any ethereum out that they got from the ceo they do have a responsibility to the community to use that money correctly it also requires the game developers to give up control so like we were saying before it's taken a little control out of the game developers hands to handle their economy micro chasm for what's happening with the united states and other countries cryptocurrency is taking their ability to control their economy a little bit out of their hands which we consider it as a good thing so pulling ability teo change the economy away fromthe centralized powers is good but it might be a little bit of a hurdle for adoption for this coin is also a difficult concept for the mainstream to latch onto and crypto is already a difficult concept for the mainstream to latch onto so a group of gamers can understand why this is cool and why this works but they now also have to be a group of gamers that also understands crypto currency so getting an a bic witness adoption of a coin like this is going to be very very difficult unless they make it really easy to move around without even knowing that you're touching crypto i agree that that's going to be really important you can't you start putting too many hoops to jump through than it's just not going to make a lot of sense i feel like i even though ah little you know there's some bias i do think that i agree with brent with the con well obviously centralized is a con but it makes sense as to why for now but it is like cryptocurrency is a tough thing to understand so it's like it's kind of like the dominos would just kind of fall if we can get everyone to understand cryptocurrency is then that's step one which is kind of happening already and will take a while but like will happen and then said tuesday is like all right well it's a gaming cryptocurrency so i think it will happen it just you know it will be complicated and awhile before that does for what it's worth and i don't know how right i am about this but it is possible that we get into ah kind of like uphill downhill situation where not everybody is gonna have to understand it but we just need enough people to understand it so that the mass of people just kind of trusted because you know it's like most people probably can't explain the underlying function of the internet or many of the technologies that we use but everybody trusted everybody uses it it's ubiquitous so people just take it for for granted and you know hopefully once enough people understand and trust crypto there's going to be a lot of other people that don't understand it but they don't care because they know they can trust it because so many people trusted yeah final khan i have is thea theory in fees are probably too high for the micro transactions that they're targeting right now and they address that in their white paper but you know casper's not ready yet i mean it's barely even a freckle on the theory of network right now and they're talking about needing rayden and caspar combined so casper being the upcoming update toothy theory and ideally increasing their through putting lowering their transaction fees so they're aware of this con but right now it's not like it's expensive to send ethereum but it's expensive to send five cents worth of theory or it will be expensive to send five cents worth of engine so you know that's a challenge they're going tohave but not gonna have an issue with i don't think especially if plasma with omise ago can interact with the urine blockchain we will see a near future where the through put on these items is more secure and faster i mean just a cz ah hate i keep lift interrupting and saying this is a chart of khan but then it ends up being a pro but basically if casper doesn't work we're all left a doll like everything within ethereum is depending on casper and not everything but i'd say that a large amount of the syrian coins they're all like casper better work or else we're gonna have some issues it's a it's a fair point you're not saying that it's not a con but you're just saying that it's a con that almost every e r c twenty token shares it just comes with the territory of building on ethereum yeah inherent risk correct correct this also means by the way like when we do projects like this because i look at engine you know me personally i haven't decided whether i would be interested in investing or not but it certainly looks like an interesting project and there's so many of these in so many different sectors that it really makes you appreciate like how big off a branching tree is coming out of your theory um there's just so many things attached to it and so many things being built on it that like yeah a lot of a lot of people depend on on anything there's like a map that shows all the different sub like category or like industries within the theory more whatever with like gaming then there's like you know payment processing his love to see that i was yeah send it to me if you stumble on that yeah yeah all right so this is a lot of people are probably asking this sounds awesome where can i buy easiest places by nance but it's also available on on one called kryptos with a q q r y p t o s and i'm not familiar with it but it was the second highest volume and okay x which i'm also from familiar with adam you wrote down here that it's available on kyber yeah happened tio come across that i don't know the source exactly but i literally was just like looking the other day and i think it's just a few days ago it got on kyber and yeah i kind of just perused it was like oh cool didn't really look into it but i mean it's definitely legit that is available on kyber don't really know how kyber works exactly but i know that they announced that a few days there it's a lightsaber crystals so you just you just take him and you put him in your lightsaber and then you can fight with them all right brandt i listen to the ow misago one yesterday?

Karim:

Yeah, i had a long reference had a flight and you just go with that again and it's just not going to fly michael be so proud of you all right and you guys hinted it a little bit but who are they competing against?

Adam Levy:

I will say right off the bat that i don't think anybody is targeting such an over our king area like they are in the gaming community but there are coins that are trying to be you know, maybe used on twitch used in the gaming sphere so here's just a couple that i found one up and x p are both involved in some way i i own some manna from well actually i own land from the central and i turned by mana into land which is a virtual world that i think will likely overlap with the engine platform they also i think you can put your crypto kitties in there i don't know if that's still a thing adam you had some breathing crypto kiddies at one point you still got them or yeah i don't know they're just like their i don't really know i'm just holding right now modeling the critic is sure whatever you it just kind of bossom i've made metallic kidder and no one wanted it which is really depressing but you know i realize that everyone could change your name to whatever they want this by the way, a metallic uterine i would have one hundred percent thought that that would sell immediately i'm shocked if the names were you know not be able to be changed maybe it would mean a great name i thought that you could change the name and it would only be changed once like upon like when you get you by it but i know you could just change it any time so i'm sure there's a lot of the tele kidder ends and minds like a a late generation so okay anybody else that's competing with this project?

Brent:

Well, i mean i'd say that game flip is the only one that i've really encountered there's probably others that are like where we are dealing with non fungible kind of well that's not going to be like a non fungible marketplace for like the skins and stuff like that but on the big kind of over our king like what engine really has plans?

Adam Levy:

I don't really think there's any coin kind of like trying to do all of what engines doing but there are a lot of coins within the gaming space there's a unit coin wax on top of the ones that hear eddie mentioned first blood there's just like which are there's some like ea sports betting ones and then there's like ones where you're just like trade to play a tournament or use a coin to play a tournament against someone in bet and just a lot of yeah, a lot of different things in the gaming space and i feel like they all kind of overlapped to a certain extent all right so we are going toe wrap up with the personal future outlook section this is where you can throw fax out the window we already cover the facts now we get to speculate boys tell me i'm going to start with you brent and i'm going to let the height man finish us out so tell me what is your personal future outlook on this because i'm still holding this coin despite the centralization i actually see a very specific path to this coin being used being used quickly and being integrated i think they're doing the right things to get innovative and if that happens this could just be the gold standard in the gaming community very easily it could just be the game's run on engine or could fall on its face you know awesome what about you adam i mean i think it's definitely trending in the right direction they seem to have really not had any like medias in the marketing staff whose or anything that really made any big omise sticks that i have noticed i mean there's so much information out there so it's kind of easy to miss like something but it seems like the partnerships are really really great ones even if you might not know what unity is or energy the team and i expect there to be mohr announced that mean they're going to eat three they've been the game to fall first conference it's just yeah i guess i'm just really high on it and if the road map if like you know certain things don't happen on the road map that there planning and which definitely could happen because it's a very extensive road map then yeah it's possible that it doesn't get adopted i'm sure there will be some competitors to this because non fungible assets are becoming a bigger deal in the crypt of community are in the gaming community so i'd realized i missed an entire part of this because i went on here to check their partnerships and i saw something called affinity which i thought was a partnership before affinity is their answer to the lighting network they are trying to create something similar to the what lightning network on the ethereum blockchain to do all of what we said before so i said they needed casper they needed raden my guess is they're going to try to integrate affinity it's an upcoming game channel network for performing highly scaleable gaming transactions and they're trying teo basically use that to increase the throughput so i don't understand anything about it but just realized that that's coming q two of two thousand eighteen according to their roadmap who knows but be on lookout lina's second based on past on their previous performance he could easily be two weeks after cute yeah you're right you're right all right, so i'll wrap up with my personal future i look based on what you guys said i know this is probably more intended for the average user but i can't help but be excited here about the potential for gamers to be able to capitalize on their success you know like the idea that somebody can sell an item that they used in the game because they were very successful or that maybe companies will create skins that they will use for sponsorships for very successful players that they can re so i mean it's just awesome because it creates more opportunity for people to make a living playing a game and obviously i have a strong bias for that it's a cool way to exist i just kind of wanted to this feels like basically like what he's saying with affinity network and stuff feels like this is almost like they're trying to do go like zen cash level of like you know for gaming almost like they just want to kind of try to do it all if they can that's awesome but doing it all that's that's a lot of temptations and and there's there's a lot of logistics and possible things that might go wrong but i'd love to see it happen all right well i do think that's going to wrap it up as far as engine coin adam i really want to thank you for coming on and before we let you go i just want to remind everybody you are on twitch tv as ruthless that's r double o ta tell us now yeah double double zeroex sorry double double zero we're going to put a linked to it in the show notes but if you want to see adam play he twitches a lot of his poker you know he's an extremely successful professional poker player he's made millions of dollars in you know tournaments and cash so if you're interested and you also do other games right i haven't yet on stream but like i do plan on playing rocket league magics and fifa and maybe fortnight when i could learn howto actually shoot people all right so that's pretty awesome we're going to put a link to that in the show notes so you know go check him out and once again thanks for coming on the show that's going to wrap it up for us if you enjoy this don't forget we have one on ones on all kinds of constant projects we've covered multiple coins multiple ideas go check him out join our discord if you'd like to participate to give suggestions on what you want us to cover and lastly if you want to support the show police raid us on itunes that is probably the biggest single thing that you can do if you haven't already done so for bren philbin adam levy had been karim baroque and thank you so much for joining us has been episode of crypto basis.

Brent:

The members of the crypto basic.

Karim:

Like astronaut financial advisors, they're idiots.

Brent:

Please don't listen to anything that they say all investments have inherent risk.

Karim:

Do your own research

The members of the CryptoBasic podcast are not financial advisors, and this information is provided for entertainment purposes. Please do your own research, and don't listen to these idiots.

The CryptoBasic Podcast is owned and operated by Cipher Consulting Group LLC.